Gaming Market Weekly Update

Research evidence excerpt

Accessible version

Gaming Market Weekly Update

July 31, 2026

Industry Overview

This Week’s High Yield Market Commentary

31 July 2026

The HY Gaming sector underperformed the broader market this week, returning 0.10%

vs. 0.16% for the ICE BofA US HY Index. As of July 30, Gaming is trading at a YTW of

7.46% and STW of 315bps versus the HY Index at a YTW of 7.29% and STW of 301bps.

High Yield Credit

United States

Gaming, Lodging & Leisure

Best and Worst Performers

James Kayler, CFA

Research Analyst

BofAS

The top performing gaming bonds this past week were Red Rock's 4.625% senior notes,

Mohegan's 8.25% secured notes, Ontario Gaming's 8.00% secured notes, Rivers' 6.25%

secured notes, and Light and Wonder's 6.25% senior notes. Ten-year treasury yields

were down 2bps week over week. The worst performing gaming bonds this past week

were Affinity's 6.875% 1st lien notes, Scientific Games' 6.625% senior notes, Bally's

5.625% and 5.875% senior notes, and Brightstar's 5.75% secured notes.

Exhibit 1: Gaming Returns vs. ICE BofA US HY Index

Gaming returned 2.07% YTD vs 1.62% for the HY Index

Gaming

Lodging

Leisure

HY Index

High Yield BB

High Yield B

High Yield C

YTW

STW

2024

YTW

STW

2025

YTW

STW

YTD

12/31/2024

6.90%

6.22%

6.26%

7.47%

6.43%

7.54%

11.87%

12/31/2024

253bps

181bps

193bps

310bps

205bps

318bps

751bps

Returns

7.02%

6.12%

7.65%

8.20%

6.28%

7.55%

18.18%

12/31/2025

6.61%

5.55%

6.57%

6.62%

5.55%

6.78%

12.57%

12/31/2025

297bps

187bps

288bps

296bps

186bps

315bps

892bps

Returns

8.09%

8.44%

6.03%

8.50%

8.93%

8.38%

6.49%

7/30/2026

7.46%

6.09%

7.66%

7.29%

6.25%

7.37%

14.34%

7/30/2026

315bps

172bps

334bps

301bps

193bps

314bps

1012bps

Returns

2.07%

1.63%

2.67%

1.62%

1.50%

2.43%

-0.63%

Source: ICE Data Indices, LLC

BofA GLOBAL RESEARCH

Exhibit 2: Best and Worst Performing Gaming HY Bonds - Week Ended July 30, 2026

Gaming underperformed the HY Index in a week where 10-year treasury yields were down 2bps

Week

Price

Total Returns

Issuer

Best Performing HY Gaming Bonds

RRR 4.625% 12/01/2031

Station Casinos LLC

MOHEGN 8.25% 04/15/2030

Mohegan Tribal Gaming

ONGAME 8% 08/01/2030

Ontario Gaming GTA LP/OTG

RIVENT 6.25% 10/15/2030

Rivers Enterprise Borrower

LNW 6.25% 10/01/2033

…